Laserfiche WebLink
I also do not recommend deferring the payments for five years. It is faulty to assume that <br />people will be in a better financial situation in five years and be more likely to afford <br />payments. People on fixed incomes will not be in a better position to make payments at a <br />later time. Many people in low-paying jobs will always be low-income earners. If the <br />city wants the loan to be an installment loan it is better to begin the payments <br />immediately. <br /> <br />Therefore, I think the main consideration for the EDA is whether they want to make no- <br />interest or low-interest loans, and then either choose to make them fully amortized <br />installment loans that begin payments immediately or deferred loans that are not paid <br />until the house is sold, the first mortgage is paid off, the title is transferred or the property <br />is no longer the principal residence. <br /> <br /> <br /> <br />